Remove ABC Remove Contractors Remove Lien
article thumbnail

Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.

article thumbnail

Subcontractor Default Insurance: Pros & Cons for General Contractors

Levelset

In recent years, inflation, supply chain issues, and labor shortages have only increased the likelihood of project delays, performance issues, and contractor default. While general contractors commonly use performance bonds to reduce the risk of default, a bond ultimately protects the property owner, not the GC.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Small Business Guide to Construction Management Software

Autodesk Construction Cloud

Clients don’t feel like they’re just another number; they value the personal attention that smaller contractors provide, which earns trust. The Associated Builders and Contractors (ABC) estimates the construction sector would need to bring in nearly 650,000 additional workers in 2022 to meet labor demands.

Software 105
article thumbnail

Louisiana Public Contract Law: Material Supplier Notice Requirement

Construction Law Monitor

Over the past few years there has been a spike in public work and as these jobs reach completion contractors, subcontractors, equipment lessors, laborers and materials suppliers are forced to become well versed in the layout of the public bid law. Recently, these same contractors have been taking on the risk for the reward of more work.

article thumbnail

Louisiana Public Contract Law: Material Supplier Notice Requirement

Construction Law Monitor

Over the past few years there has been a spike in public work and as these jobs reach completion contractors, subcontractors, equipment lessors, laborers and materials suppliers are forced to become well versed in the layout of the public bid law. Recently, these same contractors have been taking on the risk for the reward of more work.